Abu Dhabi’s sovereign wealth fund, Mubadala Investment Company, has revealed a massive $460 million investment in Bitcoin. This disclosure, made through a new 13-F filing, positions Mubadala as the seventh-largest shareholder in BlackRock’s Bitcoin ETF. The move signals a growing acceptance of Bitcoin among institutional investors and has ignited speculation that other sovereign wealth funds may soon follow suit.

Bill Barhydt, CEO of Abra, weighed in on the significance of this development, emphasizing that Mubadala’s actions could encourage other government-backed funds to increase their Bitcoin allocations. He suggested that countries like Norway and Singapore might also be eyeing Bitcoin investments.

Meanwhile, in the U.S., Elon Musk has subtly fueled discussions about Bitcoin reserves. He posted a meme on X (formerly Twitter) referencing a potential audit of Fort Knox, questioning whether the country’s gold reserves are still intact. MicroStrategy CEO Michael Saylor responded to Musk’s post with a pointed remark: “Bitcoin fixes this.” The exchange has sparked renewed interest in how the U.S. government might approach Bitcoin holdings in the future.

Despite the growing momentum, Barhydt remains skeptical about immediate action in the U.S. He believes that while the country will likely hold onto its existing Bitcoin reserves, acquiring more could prove to be a complex challenge.

The speculation comes as former President Donald Trump’s working group is expected to issue a recommendation on digital assets in the coming months. With sovereign wealth funds now entering the Bitcoin market and high-profile figures advocating for it, the race to accumulate Bitcoin is heating up on a global scale.